MIRA INFORM REPORT
|
Report No. : |
317639 |
|
Report Date : |
25.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
THAI RUBBER LATEX GROUP CO., LTD. |
|
|
|
|
Formerly Known As : |
PHUKET LATEX CO., LTD. |
|
|
|
|
Registered Office : |
99/1-3 Moo 13,
Bangna-Trad Road, K.M.
7, T. Bangkaew, A.
Bangplee, Samutprakarn 10540 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
15.03.1994 |
|
|
|
|
Com. Reg. No.: |
0105537031255 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in manufacturing and
marketing of concentrated latex,
skim block and other
rubber products. |
|
|
|
|
No. of Employees : |
480 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy,
generally pro-investment policies, and strong export industries, Thailand has
had a strong economy due in part to industrial and agriculture exports - mostly
electronics, agricultural commodities, automobiles and parts, and processed
foods. Thailand attracts nearly 2.5 million migrant workers from neighboring
countries. The Thai government in 2013 implemented a nation-wide 300 baht ($10)
per day minimum wage policy and deployed new tax reforms designed to lower
rates on middle-income earners. The Thai economy has weathered both internal
and external economic shocks in recent years. The global economic recession
severely cut Thailand's exports, with most sectors experiencing double-digit
drops. In late 2011 Thailand's recovery was interrupted by historic flooding in
the industrial areas in Bangkok and its five surrounding provinces, crippling
the manufacturing sector. Government approved flood mitigation projects, worth
$11.7 billion, were started in 2012 to prevent a repeat. Thai growth slowed in
2013 and has remained low since, as the country faced political uncertainty and
a coup in May 2014. The interim government is implementing a special $11
billion short-term stimulus package and has approved a budget of more than $80
billion to aid an economic rebound.
|
Source
: CIA |
Company
Name
THAI RUBBER LATEX GROUP CO., LTD.
[FORMER: PHUKET LATEX CO., LTD.]
SUMMARY
BUSINESS ADDRESS : 99/1-3 MOO 13,
BANGNA-TRAD ROAD, K.M.
7,
T.
BANGKAEW, A. BANGPLEE, SAMUTPRAKARN 10540,
THAILAND
TELEPHONE :
[66] 2751-7171
FAX : [66] 2316-5873,
2316-2485, 2316-3938
E-MAIL ADDRESS : market@thaitex.com
REGISTRATION ADDRESS : SAME AS BUSINESS
ADDRESS
ESTABLISHED : 1994
REGISTRATION NO. : 0105537031255
TAX ID NO. : 3011394991
CAPITAL REGISTERED : BHT.
1,000,000,000
CAPITAL PAID-UP : BHT. 544,000,000
SHAREHOLDER’S PROPORTION : THAI :
100%
FISCAL YEAR CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PATTARAPOL WONGSASUTHIKUL, THAI
MANAGING DIRECTOR
NO. OF STAFF : 480
LINES OF BUSINESS : CONCENTRATED LATEX
AND RUBBER PRODUCTS
MANUFACTURER, DISTRIBUTOR
AND EXPORTER
|
|
|
CORPORATE PROFILE |
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT
WITH FAIR PERFORMANCE
HISTORY
The subject was established
on March 15, 1994 as
a private limited
company under the
originally registered name “Phuket Latex
Co., Ltd.,” by Thai
groups. On June
13, 2005, the
subject’s name was
changed to THAI
RUBBER LATEX GROUP
CO., LTD. Its
business objective is to
manufacture and distribute
concentrated latex and
rubber products to both
domestic and international
markets. It currently
employs approximately 480
staff.
Subject is a wholly owned subsidiary of
Thai Rubber Latex Corporation
[Thailand] Public Company
Limited.
The subject’s registered address
is 99/1-3 Moo 13, Bangna-Trad Rd., K.M. 7,
T. Bangkaew, A. Bangplee, Samutprakarn 10540, and this
is the subject’s
current operation address.
THE BOARD
OF DIRECTOR
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Wanchai Srihiranrasmee |
|
Thai |
- |
|
Mr. Prakit Waraprateep |
|
Thai |
38 |
|
Mr. Prawit Waraprateep |
|
Thai |
43 |
|
Mr. Kowit Wongsasuthikul |
[x] |
Thai |
40 |
|
Ms. Chalongkwan Wongsasuthikul |
[x] |
Thai |
43 |
|
Mr. Pattarapol Wongsasuthikul |
[x] |
Thai |
41 |
|
Mr. Pasithphol Temritikulchai |
|
Thai |
35 |
AUTHORIZED PERSON
1. Any two
of the mentioned
directors [x] can
jointly sign with
anyone of the
rest
directors on
behalf of the
subject with company’s
affixed.
2. Anyone of
the mentioned directors
[x] can jointly
sign with anyone
of the rest
directors on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pattarapol Wongsasuthikul is
the Managing Director.
He is Thai
nationality with the
age of 41
years old.
Mr. Chainarin Nithipornpim
is the Assistant
Managing Director [Plant].
He is Thai
nationality.
Mr. Suwasith Deewan
is the Assistant
Managing Director [Sales &
Marketing].
He is Thai
nationality.
Ms. Chalongkwan
Wongsasuthikul is the
Assistant Managing Director [Purchasing].
She is Thai nationality with
the age of 43 years
old.
BUSINESS OPERATIONS
The subject is engaged in
manufacturing and marketing
of concentrated latex, skim
block and other
rubber products.
PRODUCTION
CAPACITY
Approximately 256,000 tons
per annum
PURCHASE
100% of raw
material is purchased
from local suppliers.
MAJOR SUPPLIER
Wang Somboon Rubber
Estate Co., Ltd. : Thailand
SALES
55% of the
products is sold
locally by wholesale
to manufacturers and end-users, the
remaining 45% is exported to
Malaysia, Republic of
China, India, Pakistan, France,
Korea and the country in
Europe and Middle
East.
MAJOR CUSTOMER
Latex Systems Co.,
Ltd. :
Thailand
RELATED AND
AFFILIATED COMPANIES
Thai Rubber and
Latex Co., Ltd.
Business Type :
Manufacturer of concentrated
latex and rubber
products
Excel Rubber Co.,
Ltd.
Business Type :
Manufacturer of concentrated
latex and rubber
products
Orient Surat Rubber
Latex Co., Ltd.
Business Type :
Manufacturer of concentrated
latex and rubber
products
Q-One Co., Ltd.
Business Type :
Manufacturer of concentrated
latex and rubber
products
Thai Rubber Latex
Buengkan Co., Ltd.
Business Type : Manufacturer of
concentrated latex and
rubber products
Thai Rubber Latex
Chumphon Co., Ltd.
Business Type :
Manufacturer of concentrated
latex and rubber
products
Latex Systems Co.,
Ltd.
Business Type :
Manufacturer of rubber
gloves
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
according to the
past two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the
credits term of
30-60 days.
Exports are against
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
Kasikornbank Public Co.,
Ltd.
EMPLOYMENT
The subject employs
approximately 480 staff.
LOCATION DETAILS
The premise is
owned for administrative office
at the heading
address. Premise is
located in industrial
area.
Factories:
35 Moo 4, T.
Krasome, A. Takuathung, Pangnga
124 Moo 11,
Banklongpom, T. Banpru, A. Hadyai,
Songkhla
293/2 Moo 1,
Surat-Nasarn Rd., Khuntalay,
Muang, Suratthani
126 Moo 8,
Petchkasem Rd., T. Khaochairaj, A. Patiw,
Chumporn
44/5 Moo 8,
Krached-Hadyai Rd., T. Krached,
A. Muang, Rayong
255 Moo 5, T.
Manamkoo, A. Pluakdaeng, Rayong
10/5 Moo 3, T.
Patong, A. Soidao, Chantaburi
19/52 Moo 7, T.
Bangchalong, A. Bangplee,
Samutprakarn
COMMENT
The subject was formed
in 1994 as a manufacturer, distributor and exporter of
concentrated latex and
rubber products. Its products
are mainly for
industrial sector. Subject
reported sales revenue
in 2013 lower than the
previous year.
Moreover, current market
conditions is not promising
due to decline
demand of latex products in world market especially China, as well
as concentrated latex
and rubber prices in
world market has significantly
decreased resulted from
decelerated industrial productions.
Unfortunately in the
first quarter of 2015,
shipment of farm
products fell by
12.5% year-on-year in
February to USD 2.49
billion, particularly rubber,
which declined 38.8%.
FINANCIAL INFORMATION
The capital was
registered at Bht.
20,000,000 divided into
2,000,000 shares of
Bht. 10 each.
The capital was
increased later as
following:
Bht. 40,000,000 on
June 7, 1996
Bht. 1,000,000,000 on
June 13, 2005
The latest registered
capital was increased
to Bht. 1,000 million,
divided into 100,000,000
shares of Bht. 10
each, with the current
capital paid-up at
Bht. 544,000,000 or
96,000,000 shares of
Bht. 5.25 each
and 4,000,000 shares
of Bht. 10
each.
THE SHAREHOLDERS LISTED
WERE : [as
at April 25,
2014] at Bht.
544,000,000 of capitalization.
|
NAME |
HOLDING |
% |
|
|
|
|
|
Thai Rubber Latex
Corporation [Thailand] Public
Company Limited Nationality: Thai Address : 99/1-3
Moo 13, Bangna-Trad Rd.,
K.M. 7,
Bangkaew, Bangplee, Samutprakarn |
99,999,994 |
100.00 |
|
Mr. Prachnon Themritikulchai Nationality: Thai Address : 50/104
Moo 14, Bangna-Trad Rd.,
Bangkaew, Bangplee, Samutprakarn |
1 |
- |
|
Mr. Worathep Wongsasutthikul Nationality: Thai Address : 101
Srinakarin Rd., Suanluang, Bangkok |
1 |
- |
|
Mr. Bandit Hongsuwan Nationality: Thai Address : 59/86
Moo 4, Nongbon,
Prawes, Bangkok |
1 |
- |
|
Mr. Paiboon Waraprateep Nationality: Thai Address : 670/398
Asoke-Dindaeng Rd., Dindaeng, Bangkok |
1 |
- |
|
Mr. Suchart
Charoenpornpanichkul Nationality: Thai Address : 501/14
Bamrungmuang Rd.,
Klongmahanark,
Pomprabsattrupai, Bangkok |
1 |
- |
|
Ms. Chalongkwan Wongsasuthikul Nationality: Thai Address : 101 Srinakarin Rd.,
Suanluang, Bangkok |
1 |
- |
Total Shareholders : 7
Share Structure [as
at April 25,
2014]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
|
|
|
|
|
|
Thai |
7 |
100,000,000 |
100.00 |
|
Foreign |
- |
- |
- |
|
Total |
7 |
100,000,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
Mr. Wichart Lokeskrawee No.
4451
BALANCE SHEET
[BAHT]
The latest financial
figures published for December 31,
2013, 2012 & 2011 were:
ASSETS
|
Current Assets |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Cash and Cash Equivalents
|
22,153,975 |
52,603,804 |
38,830,287 |
|
Trade Account & Other
Receivable |
815,804,604 |
1,526,446,534 |
1,603,672,802 |
|
Short-term Loan to Related Company |
1,030,000,000 |
|
|
|
Inventories |
595,042,661 |
924,052,936 |
974,024,520 |
|
Other Current Assets
|
2,455,063 |
2,996,058 |
1,257,450 |
|
|
|
|
|
|
Total Current Assets
|
2,465,456,303 |
2,506,099,332 |
2,617,785,059 |
|
Investment in Subsidiaries |
35,399,288 |
35,399,288 |
35,399,288 |
|
Investment in Related Company |
- |
70 |
70 |
|
Fixed Assets |
426,080,342 |
461,339,898 |
482,139,680 |
|
Assets Held for Sale |
23,912,148 |
- |
- |
|
Intangible Assets |
563,352 |
1,153,781 |
1,744,534 |
|
Withholding Income Tax |
32,536,569 |
1,143,549 |
- |
|
Deferred Income Tax Assets |
2,002,899 |
- |
- |
|
Other Non-current Assets |
6,785,015 |
2,172,828 |
3,319,359 |
|
Total Assets |
2,992,735,916 |
3,007,308,746 |
3,140,387,990 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Bank Overdraft &
Short-term Loan from Financial |
1,928,808,346 |
1,934,073,742 |
1,852,770,528 |
|
Trade Account & Other
Payable |
122,271,259 |
68,617,285 |
141,098,110 |
|
Current Portion of
Long-term Loan |
28,715,534 |
41,527,770 |
30,000,000 |
|
Accrued Expenses |
35,336,539 |
26,066,158 |
63,423,386 |
|
Accrued Income Tax |
- |
- |
26,655,043 |
|
Other Current Liabilities |
804,147 |
1,677,740 |
7,365,037 |
|
|
|
|
|
|
Total Current Liabilities |
2,115,935,825 |
2,071,962,695 |
2,121,312,104 |
|
Long-term Liabilities |
67,177,404 |
86,756,674 |
120,000,000 |
|
Reserve for Employee Benefits |
31,421,722 |
28,682,199 |
23,199,490 |
|
Deferred Income Tax
Liabilities |
- |
21,196,504 |
|
|
Total Liabilities |
2,214,534,951 |
2,208,598,072 |
2,264,511,594 |
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital : Baht 10 par
value Authorized &
issued share capital
100,000,000 shares |
1,000,000,000 |
1,000,000,000 |
1,000,000,000 |
|
|
|
|
|
|
Capital Paid |
544,000,000 |
544,000,000 |
544,000,000 |
|
Retained Earning Appropriated for
Statutory Reserve |
36,500,000 |
36,500,000 |
36,500,000 |
|
Unappropriated [Deficit] |
10,772,405 |
17,037,026 |
30,018,383 |
|
Other Components of
Shareholders’ Equity |
186,928,560 |
201,173,648 |
265,358,013 |
|
Total Shareholders' Equity |
778,200,965 |
798,710,674 |
875,876,396 |
|
Total Liabilities &
Shareholders' Equity |
2,992,735,916 |
3,007,308,746 |
3,140,387,990 |
PROFIT &
LOSS ACCOUNT
|
Revenue |
2013 |
2012 [Adjusted] |
2011 |
|
|
|
|
|
|
Sales Income |
5,023,056,345 |
6,255,789,787 |
7,690,787,586 |
|
Other Income |
107,459,341 |
24,325,150 |
11,413,965 |
|
Total Revenues |
5,130,515,686 |
6,280,114,937 |
7,702,201,551 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of Goods
Sold |
4,843,555,145 |
6,006,497,245 |
7,218,832,985 |
|
Selling Expenses |
117,553,080 |
125,734,183 |
107,370,627 |
|
Administrative Expenses |
115,655,635 |
94,851,464 |
140,458,799 |
|
Other Expenses |
- |
5,949,835 |
15,642,625 |
|
Financial Cost |
97,460,937 |
103,051,428 |
98,363,060 |
|
Total Expenses |
5,174,224,797 |
6,336,084,155 |
7,580,668,096 |
|
|
|
|
|
|
Profit / [Loss] before Income Tax
|
[43,709,111] |
[55,969,218] |
121,533,455 |
|
Income Tax |
23,199,403 |
11,935,888 |
[38,205,153] |
|
|
|
|
|
|
Net Profit / [Loss] |
[20,509,708] |
[44,033,330] |
83,328,302 |
|
Other Miscellaneous -
Profit from Assets
Appraisal |
- |
- |
115,074,410 |
|
Net Profit / [Loss] |
[20,509,708] |
[44,033,330] |
198,402,712 |
FINANCIAL ANALYSIS
|
ITEM |
UNIT |
2013 |
2012 |
2011 |
|
|
|
|
|
|
|
LIQUIDITY RATIO |
|
|
|
|
|
CURRENT RATIO |
TIMES |
1.17 |
1.21 |
1.23 |
|
QUICK RATIO |
TIMES |
0.88 |
0.76 |
0.77 |
|
|
|
|
|
|
|
ACTIVITY RATIO |
|
|
|
|
|
FIXED ASSETS TURNOVER |
TIMES |
11.79 |
13.56 |
15.95 |
|
TOTAL ASSETS TURNOVER |
TIMES |
1.68 |
2.08 |
2.45 |
|
INVENTORY CONVERSION PERIOD |
DAYS |
44.84 |
56.15 |
49.25 |
|
INVENTORY TURNOVER |
TIMES |
8.14 |
6.50 |
7.41 |
|
RECEIVABLES CONVERSION PERIOD |
DAYS |
59.28 |
89.06 |
76.11 |
|
RECEIVABLES TURNOVER |
TIMES |
6.16 |
4.10 |
4.80 |
|
PAYABLES CONVERSION PERIOD |
DAYS |
9.21 |
4.17 |
7.13 |
|
CASH CONVERSION CYCLE |
DAYS |
94.91 |
141.04 |
118.22 |
|
|
|
|
|
|
|
PROFITABILITY RATIO |
|
|
|
|
|
COST OF GOODS SOLD |
% |
96.43 |
96.02 |
93.86 |
|
SELLING & ADMINISTRATION |
% |
4.64 |
3.53 |
3.22 |
|
INTEREST |
% |
1.94 |
1.65 |
1.28 |
|
GROSS PROFIT MARGIN |
% |
5.71 |
4.37 |
6.29 |
|
NET PROFIT MARGIN BEFORE EX. ITEM |
% |
(0.87) |
(0.89) |
1.58 |
|
NET PROFIT MARGIN |
% |
(0.41) |
(0.70) |
1.08 |
|
RETURN ON EQUITY |
% |
(2.64) |
(5.51) |
9.51 |
|
RETURN ON ASSET |
% |
(0.69) |
(1.46) |
2.65 |
|
EARNING PER SHARE |
BAHT |
(3.77) |
(8.09) |
15.32 |
|
|
|
|
|
|
|
LEVERAGE RATIO |
|
|
|
|
|
DEBT RATIO |
TIMES |
0.74 |
0.73 |
0.72 |
|
DEBT TO EQUITY RATIO |
TIMES |
2.85 |
2.77 |
2.59 |
|
TIME INTEREST EARNED |
TIMES |
(0.45) |
(0.54) |
1.24 |
|
|
|
|
|
|
|
ANNUAL GROWTH |
|
|
|
|
|
SALES GROWTH |
% |
(19.71) |
(18.66) |
|
|
OPERATING PROFIT |
% |
(21.91) |
(146.05) |
|
|
NET PROFIT |
% |
53.42 |
(152.84) |
|
|
FIXED ASSETS |
% |
(7.64) |
(4.31) |
|
|
TOTAL ASSETS |
% |
(0.48) |
(4.24) |
|
ANNUAL GROWTH :
RISKY
An annual sales growth is -19.71%. Turnover has decreased from THB
PROFITABILITY : ACCEPTABLE
PROFITABILITY
RATIO
|
Gross Profit Margin |
5.71 |
Impressive |
Industrial Average |
0.79 |
|
Net Profit Margin |
(0.41) |
Deteriorated |
Industrial Average |
1.00 |
|
Return on Assets |
(0.69) |
Deteriorated |
Industrial Average |
2.43 |
|
Return on Equity |
(2.64) |
Deteriorated |
Industrial Average |
8.13 |
Gross Profit Margin used to assess a firm's financial health by revealing
the proportion of money left over from revenues after accounting for the cost
of goods sold. Gross profit margin serves as the source for paying additional
expenses and future savings. Gross Profit Margin is 5.71%. When compared with the industry
average, the ratio of the company was higher, indicated that company was more
profitable than the same industry.
Net Profit Margin is the indicator of the company's efficiency in that
net profit takes into consideration all expenses of the company. A low profit
margin indicates a low margin of safety, higher risk that a decline in sales
will erase profits and result in a net loss. The company's figure is -0.41%.
When compared with the industry average, the ratio of the company was lower.
Return on Assets measures how efficiently profits are being generated
from the assets employed in the business when compared with the ratios of firms
in a similar business. A low ratio in comparison with industry averages
indicates an inefficient use of business assets. When compared with the
industry average, it was lower, the company's figure is -0.69%.
Return on Equity indicates how profitable a company is by comparing its
net income to its average shareholders' equity, ROE measures how much the
shareholders earned for their investment in the company. When compared with the
industry average, it was lower, the company's figure is -2.64%.
Trend of the average competitors in the same industry for last 5 years
Return on Assets Downtrend
Return on Equity Downtrend
LIQUIDITY : RISKY
LIQUIDITY RATIO
|
Current Ratio |
1.17 |
Satisfactory |
Industrial Average |
1.18 |
|
Quick Ratio |
0.88 |
|
|
|
|
Cash Conversion Cycle |
94.91 |
|
|
|
The Current Ratio is to ascertain whether a company's short-term assets
are readily available to pay off its short-term liabilities. The company's
figure is 1.17 times in 2013, decrease from 1.21 times, then it is generally
considered to have good short-term financial strength. When compared with the
industry average, the ratio of the company was lower.
The Quick Ratio is a liquidity indicator that further refines the
current ratio by measuring the amount of the most liquid current assets there
are to cover current liabilities. The company's figure is 0.88 times in 2013,
increase from 0.76 times, by excluding inventory, the company may have problems
meeting current liabilities.
The Cash Conversion Cycle measures the number of days a company's cash
is tied up in the production and sales process of its operations and the
benefit from payment terms from its creditors. It meant the company could
survive when no cash inflow was received from sale for 95 days.
Trend of the average competitors in the same industry for last 5 years
Current Ratio Uptrend
LEVERAGE : RISKY
LEVERAGE RATIO
|
Debt Ratio |
0.74 |
Acceptable |
Industrial Average |
0.72 |
|
Debt to Equity Ratio |
2.85 |
Risky |
Industrial Average |
2.61 |
|
Times Interest Earned |
(0.45) |
Risky |
Industrial Average |
- |
Debt to Equity Ratio a measurement of how much suppliers, lenders,
creditors and obligors have committed to the company versus what the
shareholders have committed. A higher the percentage means that the company is
using less equity and has stronger leverage position.
Times Interest Earned measuring a company's ability to meet its debt
obligations. Ratio is -0.45 lower than 1, so the company is not generating
enough cash from EBIT to meet its interest obligations.
Debt Ratio shows the proportion of a company's assets which are financed
through debt. The company's figure is 0.74 greater than 0.5, most of the
company's assets are financed through debt.
Trend of the average competitors in the same industry for last 5 years
Debt Ratio Uptrend
Times Interest Earned Stable
ACTIVITY :
SATISFACTORY
ACTIVITY RATIO
|
Fixed Assets Turnover |
11.79 |
Impressive |
Industrial Average |
- |
|
Total Assets Turnover |
1.68 |
Acceptable |
Industrial Average |
2.44 |
|
Inventory Conversion Period |
44.84 |
|
|
|
|
Inventory Turnover |
8.14 |
Satisfactory |
Industrial Average |
8.34 |
|
Receivables Conversion Period |
59.28 |
|
|
|
|
Receivables Turnover |
6.16 |
Satisfactory |
Industrial Average |
6.61 |
|
Payables Conversion Period |
9.21 |
|
|
|
The company's Account Receivable Ratio is calculated as 6.16 and
Inventory Turnover in Days Ratio indicates the liquidity of inventory.
It estimates the number of days that it will take to sell the current inventory.
Inventory is particularly sensitive to change in business activities. The
inventory turnover in days has decreased from 56 days at the end of 2012 to 45
days at the end of 2013. This represents a positive trend. And Inventory
turnover has increased from 6.5 times in year 2012 to 8.14 times in year 2013.
The company's Total Asset Turnover is calculated as 1.68 times and 2.08
times in 2013 and 2012 respectively. This ratio is determined by dividing total
assets into total sales turnover. The ratio measures the activity of the assets
and the ability of the firm to generate sales through the use of the assets.
Trend of the average competitors in the same industry for last 5 years
Fixed Assets Turnover Stable
Total Assets Turnover Downtrend
Inventory Turnover Downtrend
Receivables Turnover Downtrend
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.40 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.